Alibaba Group Holding Limited shares (NYSE:BABA) are bullish in the short-term. Price was quite choppy in January, and February 2022; while it plummeted seriously in March, only to rally in the same month, recovering the loss of the month and making a new monthly high.
There was a bearish movement in April and May, and currently, the market is choppy.
A closer look at the market reveals that price is above the upper Trendline, while the RSI period 14 is above the level 50. This is a bullish signal and as long as price remains above the upper Trendline and the RSI period 14 is above the level 50, this bullish bias would be valid.
What is happening on BABA now is a low risk, high reward entry level, and price should trend upwards from here, thus attaining the supply levels at 110.00, 120.00, and 130.00 consequently.
Teach Yourself Technical Analysis: Technical analysis
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world’s leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access ‘Level 2’ data on all of the world’s key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.